Singapore’s economy is suffering in the short term as the country moves to higher-value-added industries and attempts to raise productivity, but is unable to escape from its reliance on cheap mass production.
The island state is trying to move away from low-end industries, particularly in manufacturing, to focus on value-added sectors such as biotechnology and pharmaceuticals. As it makes the transition, growth is slowing and tepid external demand remains a drag.
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Attempts to raise productivity
BioBiotechology and Pharmaceuticals
Biomedical Sciences Industry
Challenges from the ongoing economic restructuring
Food and Beverage Services Industry
GDP growth forecast
Move away from low-end industries
Reliance on low value-added industries
Shifting to higher-value-added industries
Singapore economic ouput
Singapore export and manufacturing sector
Singapores economic transition
Structural changes in Singapores economy
Tight labour market conditions